FAQ

1.Introduction:


TRADEBIT.EXCHANGE is a global “P2P” (peer to peer) exchange platform that allows anyone to directly, safely and privately buy and sell Bitcoin in exchange to any service, good, asset or currency both parties agree to use. This can include national (FIAT) currencies or alternative cryptocurrencies.

We take Liberty and Privacy very seriously as unquestionable values and aim to help reinforcing such values and the free market.

The TRADEBIT.EXCHANGE platform implements a Bitcoin multi-signature escrow wallet and arbitration service to ensure trade integrity without the need for mutual trust since none of the parties, not even TRADEBIT.EXCHANGE, have sole control. Our contract wallet always requires 2 out of 3 signatures to execute transactions.




2.FAQ

  • How to Buy:


    • Register. It is simple, fast and free. Requirements:

      • E-mail;

      • Enable 2FA;

    • Search the ad with the offer that suits you best.

    • Clarify your doubts messaging the Seller before clicking “Buy”.

    • When you click “Buy”, make sure you agree with the final transaction value set on the trade, it will be fixed at that point.

    • Wait the seller to confirm his acknowledgment in order to initiate the transaction contract and payment window. All confirmations and notifications will be made through e-mail. Be aware of your mail box.

    • When the transaction starts (Seller confirms acknowledgement) it will be locked up. At this moment your new private keys for signature will be generated – Be very careful, there is no backup of your keys with TRADEBIT.EXCHANGE, save them off-line. This information will be displayed on your browser. Save it with responsibility, TRADEBIT.EXCHANGE does not store or e-mail anything related to your private keys.

    • Execute the payment as agreed. We recommend:

      • To have all the agreement terms in your e-mail or messaging exchanged with the Seller to support an eventual dispute with clear data – The emails must be in between the e-mail addresses registered on TRADEBIT.EXCHANGE.

      • Avoid trades in person, using remote methods instead, such as bank transfers, Paypal, Stratum, Bktc, Altcoins or similar.

      • If you need to pay in cash, chose safe public places such as malls or hotel lobbies.

    • After the payment is done, you can sign before or after the Seller. If you do it before, as soon as the Seller signs, your purchased Bitcoin will be automatically liberated to the wallet address you appoint at your signature moment. You will be notified about the Seller signature and the Bitcoin liberation by e-mail and TRADEBIT.EXCHANGE internal messaging. If you decide to sign after the Seller, the Bitcoin liberation will happen only at this moment.

    • To finish the trade, evaluate the Seller to finish the process.


  • How to sell – Create an Ad:


    • Register. It is simple, fast and free. Requirements:

      • E-mail;

      • Enable 2FA;

    • Click “Sell” to start an Ad creation;

    • Fill all the data required on the Ad Creation page (be clear about the trade terms and conditions) and click “next”

    • At this moment two new wallets will be generated. A multi-signature one and a private one to you (Seller). Be very careful, there is no backup of your Private Keys with TRADEBIT.EXCHANGE, save them off-line. This information will be displayed on your browser. Save with responsibility, TRADEBIT.EXCHANGE does not store or e-mail anything related to your wallet and private keys.

    • To finish the Ad creation, you must send the Bitcoin you want to sell to your new private wallet address generated during the process. The wallet will be displayed on your browser. The Bitcoin will automatically be transferred to the escrow wallet only when a purchase transaction contract is started by a Buyer and you (Seller) acknowledges it.

    • The value deposited on the Ad creation will already have TRADEBIT.EXCHANGE fee deducted. If the Ad is honestly canceled, the fee will be refunded to the Seller (manual refund request needed).

    • Check if the amount deposited corresponds to the ad you are creating. If not, edit the ad to enable conclusion.

    • Be aware of TRADEBIT.EXCHANGE recommendations to support eventual disputes and your own safety such as:

      • Have all the terms of trade details agreement registered in your e-mail or messaging exchanged with the buyer to support an eventual dispute with clear data – The emails must be in between the e-mail addresses registered on TRADEBIT.EXCHANGE.

      • Avoid trades in person, using remote methods instead such as bank transfers, Paypal, Stratum, Bktc, Altcoins or similar.

      • If you need to be paid in cash, chose public safe places such as malls or hotel lobbies.

    • Check constantly your user’s email and TRADEBIT.EXCHANGE internal messaging. Many steps of the trade and status of your Ad will have information notified on these two communication channels.

    • When you receive the Buyer payment, sign the Transaction immediatelly.

    • Evaluate the Buyer to finish the process.


  • How TRADEBIT.EXCHANGE Pricing Works:


    • All Bitcoin listed will have the price updated live according to the *coindesk.com website and will display the % margin (+ or -) applied on the price by the Seller, indicating the Seller price live. At the time of purchase there will be a moment to lock up the price at contract initiation.


  • How to Cancel an Ad?


    • The Seller can cancel the Ad and transfer the Bitcoin to another address at any moment as long as a purchase contract transaction is not in process.

    • In case of honest cancelation, the Seller will be able to request the refund of the fee charged at Ad creation.

    • Refunds may take up to 48 hours to be approved and fulfilled. TRADEBIT.EXCHANGE signatures are made manually and its keys are kept in cold storage.

    • To cancel an Ad during an ongoing Trade the Seller must first cancel the Trade.


  • How to Cancel an ongoing Trade?


    • To Cancel ongoing Trades, a dispute must be started.

    • If the payment window is closed an no signatures were made, the trade will be cancelled as a dispute in favor of the Seller.

      • To edit the payment window during its period will required the Seller and Buyer agreement/mutual approval.

    • If the dispute analysis result in a mutual agreed cancelation, none of the parties will have reputation damage.


  • Arbitration of Disputes

TRADEBIT.EXCHANGE arbitration service will be activated only in case of a dispute, which is when an ongoing Trade is canceled or one of the parties refuses or is no longer able to sign the transaction conclusion, and then TRADEBIT.EXCHANGE’s signature will be required to co-sign and liberate the funds for the winning party after a case analysis.


Arbitration details:


    • The arbitration fee will be 1% of the amount object of the transaction (aside the escrow fee) to be deducted from the deposited value to the dispute resolution winner.

    • The dispute losing party will have its reputation severely damaged. The tolerance before being banned from the platform is up to three loosing disputes

    • Once the dispute is started, there will be a deadline up to 10 working days for investigation.

    • TRADEBIT.EXCHANGE may contact both parties during the process of investigation to ask for more documentation or questioning. The lack of interaction during the process will result on the dispute loss by the absent part.

    • Three dispute losses can result on the profile ban from TRADEBIT.EXCHANGE.

    • If the dispute is cancelled by both parties will, the dispute fee will still be charged.

    • In case the dispute winner is:

        • The buyer: The conclusion will be executed immediately or in up to 24 hrs.

        • The seller: The ad will be back online immediately or in up to 24 hrs having the arbitration fee deducted.

    • There are no appeals to disputes decisions issued by TRADEBIT.EXCHANGE.

    • How to initiate a dispute:

      • Go to user profile dashboard

      • Identify the transaction you wish to open a dispute

      • Click the initiate dispute button

      • Be fully aware on your user email for further communications.

      • Provide all the required data.

      • Be aware of deadlines.


  • How to contact customer service?


    • Go to support and open a ticket.

    • Don’t lose your ticket number or the access to your user email.


  • Fees


    • Our fees are on demand at:

      • Ad creation enabling use of Multi-Signature Escrow Wallet service: 1% (Refunded in case of Ad cancelation)

      • Arbitration service: 1%

    • All the Bitcoin network miners fee applied during the transactions will be deducted from the value deposited in the Ad.


  • Why we do not demand KYC = “Know Your Customer”?


    • Because for us, Liberty and Privacy Matters


  • What happens to the Ad data after its Trade is concluded?


All the details mentioned on the Ad creation and its Terms of Trade will not be store/saved/kept what so ever after its conclusion.


    • TRADEBIT.EXCHANGE will only keep record of:

      • Ad Id number

      • The E-mail related to it

      • The values transacted history that can be publicly verified on the Bitcoin Blockchain.